James Denselow

To many the growing tensions between Russia and Ukraine can only have two potential outcomes. One is a return to the status quo ahead of the extraordinary build-up of Russian forces we’re witnessing today, the other is when Russian tanks cross the border, and we enter a state of official conflict with potentially devastating global ramifications. However, in the age of hybrid warfare there are arguably a multitude of shades of grey between these two distinct end points.

Russia’s ‘shadow war’ in Ukraine is nefarious and lacks the clarity of a conventional conflict, but it hurts the country and its people in a multitude of wars. Much has already been made as to the threat from cyber weapons and how their lack of a clear perpetrator makes them such effective tactics of confusion. Earlier in January this year around seventy Ukrainian government websites were temporarily down, in the largest such attack in four years. This was likely a warning shot rather than a sustained attempt to dismantle and degrade Ukraine’s networks. Taking critical infrastructure offline and disrupting communications at a time of crisis has to potential to cost lives and take the direction of events in even more unpredictable directions.

Fears as to the security of Ukrainian’s state and citizens personal data is another real concern if the state’s defences are unable to protect from a sophisticated Russian attack. Bank accounts wiped out, medical records altered, peoples very citizenship disappearing online are amongst the sum of all fears. If data is the most valuable commodity of the modern age, it is not just a case of Russia seizing Ukraine’s factories and sources of energy to be successful.

Cyber and electronic warfare are the sharper end of a context that Russia is attempting to shape through various forms of propaganda and disinformation warfare. Whereas in the past Soviet controlled media focused on preventing information and news coming out, today the Russian government focuses on State-led or directed media flooding channels with falsehoods. Stories as to Ukrainian forces conducting atrocities in Russian speaking parts of the country or the Government in Kiev having fascist tendencies all set the context and justification for future action.

Information can also help turn up the temperature of events leading towards a narrative of a conflict of inevitability rather than one of choice. Recently the Deputy Defense Minister of Ukraine Hanna Maliar took to Facebook to make the point that - "now, the information is being spread on the Internet with reference to anonymous sources that Russia allegedly sent supplies of blood and other medical materials for the wounded to the Ukrainian border. This information is not true. Such 'news' is an element of information and psychological warfare."

Disinformation and cyber skirmishes are complemented by a more nefarious set of tactics that fit under this banner of “psychological warfare”. Recently a series of hoax bomb alerts this year have forced the evacuation of schools in the capital Kyiv, and other cities, including Kharkiv, Lviv and Zaporizhzhia. Ukraine has recorded more than 300 bomb threats so far this year, compared to 1,100 for the whole of 2021. A population on the edge is being tested from without where Russian forces amass, and from within with these imagined threats.

Whilst much of the focus on tactics of economic warfare have been on potential sanctions on Moscow, the threat of conflict itself is having a ‘chilling’ effect on the Ukrainian economy. Whilst it would seem from news footage of the streets of Ukraine’s cities that there is a pervading clam, people aren’t spending in preparation of tougher times ahead. Ukraine needs as much as $5 billion to stabilize the economy, President Zelenskiy has said. The hyrvnia has dropped 8.4% against the dollar, one of the worst performers worldwide, since November when Russia again massed troops on the border.

What the combination of cyber, psychological, informational and economic measures add up to is something very different from the sight of masses of tanks on the move, yet it has a cumulative consequence that is crucial to understand. When it comes to the situation between Russia and Ukraine the absence of war is not necessarily peace. Instead, a semi-permanent sense of tension could develop with continued consequence for Kiev which could be living under the Damocles Sword of Moscow for years to come.

BY: James Denselow

Bahrain implements alternative penalties to reinforce human rights, community stability Watchdog : Chlorine was used in attack on Syrian rebel-held area in 2016

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.